(11 am. – promoted by ek hornbeck)
Surprise!
Just in case you missed this one-day story which Raw Story dug out of the first and only audit of the Federal Reserve…
The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank.
Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion.
That’s more than $500 billion per month every month for 32 months between December 1 2007 and July 21 2010, and it’s also more than one quarter of the net wealth of the entire United States.
So how much more has the Fed loaned the banks in the year since July 21, 2010?
The same rate of $500 billion per month adds up to another $6 trillion, for a very grand total of $22 TRILLION in free money for the same “too big to fail” financial institutions which produced the Second Great Depression where almost no ordinary American citizen can get a loan for anything.
But of course it’s always possible that the Fed cut off the banks last July, and never ever loaned them another penny.
Harharharhar!!!
At least $16.1 TRILLION!
More than the GDP!
More than the national debt!
More than all the mortgages in the United States!
And all of it at less than one percent interest!
Hurrah!
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post on this audit yesterday at: http://sanders.senate.gov/news…
It’s well worth reading, and a bit more coherent than the Raw Story link. Plus, he has a link to the audit.
This whole thing is absolutely chilling. If our hair wasn’t on fire before, it ought to be now. This is, quite literally, the most gigantic heist in the history of the world. And we’re all the victims.
I am thoroughly convinced that since the financial-sector rescues (Grand Heists) the oligarchs have stolen more than enough revenue from world governments to keep their great-great (to the 10th power) grandchildren in more than enough money to buy all of the slave-labor products/services they could ever want or need. Fuck a consumer economy (in their view)! Fuck job creation, that causes inflation (raising prices oligarchs would have to pay for consumer products, thereby decreasing the value of their ill-gotten gain).
As the bottom continues to fall out of what we used to think of as an economy (i.e. consumer-driven market-justified commercial/investment traditional framework) and the new-normal continues to establish itself, we will continue to see more US factories and even more Chinese sweat-shops shut down, because they’re currently producing more products/services than what the oligarchs (and their support structure) are going to need.
Who needs expensive-ass free people when they can have slave-labor? It’s also a lot cheaper to provide healthcare to workers in slave-labor markets, because the (oligarch-controlled) oppressive governments can control food supplies (i.e. diets) of slave-labor workforces, force them to do exercises at the workplace to stay in shape, in much the same manner as livestock/domesticated animals producers operate here.
I am thoroughly convinced that the people who run things (i.e. oligarchs) no longer need what we used to think of as an economy (i.e. consumer economy). As a matter of fact, they don’t even WANT what we used to think of as an economy (that kind of economy causes inflation, reducing the value of their ill-gotten gain)
This new-normal is not an accident, it’s all by design (and it’s been in the works for a long time).
are sunspots affecting the radiation sheilding properties of the earth’s magnetic field.
What is the status of the Gulf stream after the oil spill.
Is there an increase in seismic activity in the ring of fire and why are nuclear plants located on these fault lines.
How come media is no longer pushing Al Gore’s Bernie Madoff Carbon Trading Wall Street trading scam.
Will Obama get another peace prize for Libya?
Are people stupid enough to click the ballot for “republican” Rick Perry.
No bankers where harmed during the making of this movie.
Pay up or grandma gets her social security cut.
to go. The U.S. appears to be just a temporary money
making adventure clothed as a nation state, having devoured
its resources and movin on to somethin else. Colonialism, Imperialism and Laissez-Faire Capitalism, the soul of modern European and American history, may be convulsing with nothing new in sight to carry on their great traditions. And if we run out of places to make war?
It’ll get even tougher. Making a new global order out of old nation states by people with 19th century minds ain’t gonna work. Eventually you run out of worlds to conquer and just have to come face to face with yourself. And right now, it looks pretty ugly.
…about the current situation:
Read it here.